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首页> 外文期刊>Journal of Economic Dynamics and Control >Uncertainty and the trade-off between scale and flexibility in investment
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Uncertainty and the trade-off between scale and flexibility in investment

机译：不确定性以及投资规模与灵活性之间的权衡

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摘要

This paper analyzes the behavior of a firm that chooses both the scale and timing of its investment. Sensitivity analysis shows that greater demand volatility is associated with the firm investing in larger increments, less frequently. This is in contrast to the conventional wisdom, which is that greater volatility leads to investment in smaller increments, more frequently. Overall, the reduced frequency dominates the greater scale, so that the long-run average rate of investment is a decreasing function of demand volatility. The timing and scale of investment are most sensitive to volatility when there are substantial investment economies of scale.
机译：本文分析了同时选择投资规模和时机的企业行为。敏感性分析表明，更大的需求波动与企业以较小的增量，较大的增量进行投资有关。这与传统观点相反，传统观点认为，更大的波动性会导致更频繁地以较小的增量进行投资。总体而言，减少的频率主导了更大的规模，因此长期平均投资率是需求波动的下降函数。当存在规模可观的投资规模经济时，投资的时机和规模对波动最为敏感。

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